SPONSOR WARRANT AGREEMENT between PERSHING SQUARE SPARC HOLDINGS, LTD., and CONTINENTAL STOCK TRANSFER & TRUST COMPANY Dated as of July 28, 2023

Appointment of Warrant Agent

Sponsor Warrants

Terms and Exercise of Sponsor Warrants

Adjustments

Transfer and Exchange of Sponsor Warrants

Other Provisions Relating to Rights of Holders of Sponsor Warrants

Concerning the Warrant Agent and Other Matters

Miscellaneous Provisions

PERSHING SQUARE SPARC HOLDINGS, LTD., a Delaware corporation (“Pershing Square SPARC”); and

CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation, as warrant agent (the “Warrant Agent”, also referred to herein as the “Transfer Agent”).

APPOINTMENT OF WARRANT AGENT

SPONSOR WARRANTS

Form of Sponsor Warrant. The Sponsor Warrants shall be issued in registered form only.

Effect of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, the Sponsor Warrants shall be invalid and of no effect and may not be exercised by the holder thereof.

Registration.

Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of original issuance and the registration of transfer of the Sponsor Warrants. Upon the initial issuance of the Sponsor Warrants in book-entry form, the Warrant Agent shall issue and register the Sponsor Warrants in the name of the holder thereof in accordance with instructions delivered to the Warrant Agent by the Company.

Registered Holder. Prior to due presentment for registration of transfer of any Sponsor Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Sponsor Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Sponsor Warrant (notwithstanding any notation of ownership or other writing on any physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

Common Stock and Sponsor Warrant Shares; Final Exercise Price. The term “Common Stock” as used in this Agreement shall refer to (a) prior to the Business Combination, the common stock, par value $0.0001 per share, of Pershing Square SPARC and (b) thereafter, to (i) the common stock of Pershing Square SPARC if Pershing Square SPARC is the publicly-traded company surviving the Business Combination, (ii) the common stock, membership interests, units, or other equity security representing the share capital of the publicly-traded company surviving the Business Combination, if such entity is not Pershing Square SPARC, or (iii) such other equity security as agreed upon in writing by the Registered Holders of the Sponsor Warrants representing 50% of the shares issuable upon the exercise of the then-outstanding amount of the Sponsor Warrants and the Company. The term “Sponsor Warrant Shares” refers to any shares of Common Stock issuable upon an exercise of a Sponsor Warrant as provided in Section 3.1 of this Agreement. At the time that the Company enters into a definitive agreement with respect to the Business Combination, the Company will publicly announce the final exercise price at which SPARs will be exercisable (the “Final Exercise Price”), and the Company will amend Appendix A to this Agreement to reflect the Warrant Price (as defined below).

Fractional Sponsor Warrant. The Registered Holder of the Sponsor Warrants shall be entitled to the same rights in respect of a fractional Sponsor Warrant as the Registered Holder would have in respect of a whole Sponsor Warrant, including with respect to exercise, transfer and registration rights, except as otherwise provided in this Agreement. Except as provided otherwise in this Agreement, references to the Sponsor Warrants shall include both whole and fractional Sponsor Warrants.

No Redemption. The Sponsor Warrants shall not be redeemable by the Company.

Transfer Restrictions. The Sponsor Warrants and any Sponsor Warrant Shares, so long as such securities are held by the Sponsor or any of its Permitted Transferees, may not be transferred, assigned or sold until the earlier of (i) three (3) years after the completion by the Company of its Business Combination or (ii) subsequent to the Business Combination, the Company’s liquidation, merger, capital stock exchange, reorganization, business combination or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property; provided, however, that any Sponsor Warrants and any Sponsor Warrant Shares may be transferred to one or more entities that is managed by Pershing Square Capital Management, L.P., a Delaware limited partnership, which transfer may be made in whole or in part (the “Permitted Transferees”), provided that any Permitted Transferee must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.

TERMS AND EXERCISE OF SPONSOR WARRANTS

Warrant Price and Common Stock Issuable Upon Exercise. The Sponsor Warrants shall be countersigned by the Warrant Agent and the Sponsor Warrants shall entitle the Registered Holder thereof, subject to the provisions of the Sponsor Warrants and of this Agreement, to purchase from the Company:

that number of shares of Common Stock equal to the product of (i) the Sponsor Warrant Percentage (as defined below) and (ii) the number of shares of Common Stock that are outstanding immediately following the Business Combination on a Fully Diluted Basis (as defined below) (such product, the “Number of Sponsor Warrant Shares”); or

upon a partial exercise of the Sponsor Warrants, the number of Exercise Shares indicated on the Subscription Form, not to exceed the number of Remaining Shares covered by such Sponsor Warrants at the time of such exercise,

Duration of Sponsor Warrant. The Sponsor Warrants may be exercised only during the period (the “Exercise Period”) commencing on the date that is three (3) years after the first date on which the Company completes its Business Combination (or such earlier time as it becomes freely transferrable under Section 2.7(ii)), and terminating at 5:00 p.m., New York City time on the date that is ten (10) years after the date on which the Company completes its Business Combination (the “Expiration Date”). Any portion of any Sponsor Warrant not exercised at or before 4:59 p.m. New York City time on the Expiration Date shall be deemed automatically exercised at 4:59 pm New York City time on the Expiration Date pursuant to subsection 3.3(a)(ii) if the FMV (as defined below) of the Common Stock on the Expiration Date exceeds the Warrant Price; provided, however, that any exercise of the Sponsor Warrants pursuant to this Section 3.2 shall be subject to the satisfaction of the conditions set forth in subsection 3.3(b) regarding the availability of an effective registration statement or valid exemption from registration with respect to the Sponsor Warrant Shares to be issued. Otherwise, any portion of any Sponsor Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date.

Exercise of Sponsor Warrants.

Payment. The Sponsor Warrants may be exercised for cash or on a cashless basis. Subject to the provisions of the Sponsor Warrant and this Agreement, a Sponsor Warrant may be exercised by the Registered Holder thereof, in whole or in part, by

in lawful money of the United States, by wire transfer or in good certified check or good bank draft payable to a Company account at the Warrant Agent; or

by surrendering the Sponsor Warrant for that number of Sponsor Warrant Shares to be received calculated as:

Issuance of Sponsor Warrant Shares on Exercise. As soon as practicable after any exercise of a Sponsor Warrant and the clearance of the funds in payment of the Warrant Price (if payment is made pursuant to subsection 3.3(a)(i)), the Company shall issue to the Registered Holder of such Sponsor Warrant a book-entry position (including in DTCC, if requested by the Registered Holder) or certificate, as applicable, for the number of full shares of Common Stock to which it is entitled, registered in such name or names as directed by such Registered Holder, and if such Sponsor Warrant shall not have been exercised in full, a new book-entry position or countersigned Sponsor Warrant, as applicable, for the Remaining Shares as to which such Sponsor Warrant has not yet been exercised. The Company shall not be obligated to issue any Sponsor Warrant Shares unless the Common Stock issuable upon such exercise has been registered, qualified or deemed to be exempt from registration or qualification under applicable securities laws (including by way of a private placement, if applicable).

Valid Issuance. All shares of Common Stock issued upon the proper exercise of any Sponsor Warrant in conformity with this Agreement shall be validly issued, fully paid and non-assessable.

Date of Issuance. Each entity in whose name any book-entry position or certificate, as applicable, for shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares of Common Stock on the date on which the corresponding Sponsor Warrant, or book-entry position representing such Sponsor Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Sponsor Warrant, except that, if the date of such surrender and payment is a date when the share transfer books of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares of Common Stock at the open of business on the next succeeding date on which the share transfer books or book-entry system are open.

Maximum Percentage. A Registered Holder may notify the Company in writing in the event it elects to be subject to the provisions contained in this subsection 3.3(e); however, no such Registered Holder shall be subject to this subsection 3.3(e) unless it makes such written election. If the written election is made, the Warrant Agent shall not effect such exercise, and such Registered Holder shall not have the right to exercise such Sponsor Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates) would beneficially own in excess of 9.8% (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Sponsor Warrants with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the Sponsor Warrants beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Sponsor Warrants, in determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written request of a Registered Holder, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of equity

ADJUSTMENTS

Share Capitalizations, Split-Ups and Dividends.

If, at any time following the date hereof and while any amount of any Sponsor Warrant is outstanding and unexpired, and subject to the provisions of Section 4.5 below, the number of outstanding shares of Common Stock is increased by a reclassification of shares or a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock or other similar event, which in any case does nothing other than to increase the number of shares of outstanding Common Stock, then, on the effective date of such event, the Warrant Price shall be adjusted (to the nearest cent) as follows:

  Warrant Price _(Adjusted)=

SWS_Pre * B

If the Company, at any time following the date hereof and while any amount of any Sponsor Warrant is outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets (excluding in connection with a “spin-off” transaction, the consequences of which are as set forth in Section 4.9 below, and excluding in connection with a “rights offering” transaction, the consequences of which are set forth in Section 4.10 below) to the holders of the Common Stock on account of such shares of Common Stock (or other shares of the Company’s capital stock into which the Sponsor Warrants are, or would be, convertible), other than as described in subsection 4.1(a) above, (any such non-excluded event being referred to herein as a “Dividend”), then the Warrant Price shall be adjusted as follows:

Warrant Price _(Adjusted)=

Dividend Ratio=

Aggregation of Shares. If, at any time following the date hereof and while any amount of any Sponsor Warrant is outstanding and unexpired, and subject to the provisions of Section 4.6 hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, which in any case does nothing other than to decrease the number of shares of outstanding Common Stock, then, on the effective date of such event, the Warrant Price shall be adjusted (to the nearest cent) as follows:

Warrant Price _(Adjusted)=

Number of Sponsor Warrant Shares _(Adjusted) =

Replacement of Securities upon Reorganization, etc. At any time following the date hereof, in case of any reclassification or reorganization of the outstanding shares of Common Stock (other than in connection with a change under subsections 4.1(a) or 4.1(b) or Section 4.2 hereof or a change that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another entity or conversion of the Company into another type of entity (other than a merger or consolidation in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, a Registered Holder shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Sponsor Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of securities, cash or other property receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that such Registered Holder would have received if such holder had exercised its Sponsor Warrants immediately prior to such event (the “Alternative Issuance”); provided, however, that (i) if the holders of the Common Stock were entitled to exercise a right of election as to the kind or amount of securities, cash or other property receivable upon such consolidation or merger, then the kind and amount of securities, cash or other property constituting the Alternative Issuance for which the Sponsor Warrants shall become exercisable shall be deemed to be the kind and amount received per share by the holders of the Common Stock in such consolidation or merger that provides the greatest value to a Registered Holder (as determined by the Company), and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Common Stock under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of the outstanding shares of Common Stock, a Registered Holder shall be entitled to receive as the Alternative Issuance, the highest amount of securities, cash or other property to which such holder would actually have been entitled as a stockholder if such Registered Holder had exercised the Sponsor Warrants prior to the expiration of such tender or exchange offer, accepted such offer and all of the Common Stock held by such holder had been purchased pursuant to such tender or exchange offer.

Notices Regarding Sponsor Warrants. Upon every adjustment to the Warrant Price, the Company shall give written notice thereof to the Warrant Agent, which notice shall state, as applicable, the Warrant Price resulting from such adjustment and the increase or

No Fractional Shares. All adjustments made pursuant to this Section 4 shall be made to the fifth decimal point with the fifth decimal rounded up if the sixth decimal is five or greater and shall cumulate to avoid the issuance of fractional shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional shares of Common Stock upon any exercise of the Sponsor Warrants, and holders of the Sponsor Warrants may only indicate a whole number of shares of Common Stock on the subscription form provided in connection with any exercise thereof. If the Number of Sponsor Warrant Shares issuable, as determined pursuant to Section 3.1 of this Agreement and as adjusted pursuant to this Section 4, upon full exercise, includes a fractional interest in a share of Common Stock, the Company shall, upon such exercise, round down to the nearest whole number the Number of Sponsor Warrant Shares issuable. If the Registered Holder of a fractional Sponsor Warrant, as a result of any adjustment pursuant to this Section 4, would be entitled, upon the full exercise thereof, to receive a fractional interest in a share, the Company shall, upon such full exercise, round down to the nearest whole number the number of shares of Common Stock issuable to such holder.

Form of Sponsor Warrant. The form of Sponsor Warrant need not be changed because of any adjustment pursuant to this Section 4 or upon the determination of the Number of Sponsor Warrant Shares issuable pursuant to Section 3.1 (or any adjustment thereto), and any Sponsor Warrant issued or countersigned after such adjustment may state the same Warrant Price as is stated in the Sponsor Warrants initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make any change in the form of Sponsor Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Sponsor Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Sponsor Warrant or otherwise, may be in the form as so changed.

Other Events. In case any event shall occur affecting the Company as to which none of the provisions of the preceding subsections of this Section 4 are strictly applicable but which would require an adjustment to the terms of the Sponsor Warrants in order to (i) avoid an adverse economic impact on the Sponsor Warrants and (ii) effectuate the intent and purpose of this Section 4 (including, but not limited to, an event that is dilutive to the Common Stock), then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented

No Adjustment Upon Certain Events. For the avoidance of doubt, no adjustment shall be made to the terms of the Sponsor Warrants solely as a result of (i) the issuance of the Forward Purchase Shares or (ii) a reverse stock split or other such adjustment to the Existing Sponsor Shares, pursuant to the governing documents of the Company as in effect on the date hereof.

Spin-Off Adjustments. With respect to an adjustment pursuant to this Section 4.9 where there has been a payment of a dividend or other distribution on the Common Stock of shares of capital stock of any class or series, or similar equity interest, of or relating to any of its subsidiaries or other business units of the Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”), each Sponsor Warrant will be amended such that it is replaced with two (2) new warrant agreements (the “Spin-Off Warrant” and the “Remaining Warrant”) referencing, respectively, the equity interest of the Spin-Off company and the Common Stock of the remaining company. The Remaining Warrants shall continue to represent a right to purchase a number of shares of Common Stock equal to the Number of Sponsor Warrant Shares as in effect immediately before the Spin-Off, and the Spin-Off Warrants shall represent a right to purchase the number of shares or other equity interests the Registered Holder(s) would have received had the Registered Holder(s) exercised its Sponsor Warrants in full immediately prior to the Spin-Off. The aggregate Warrant Price shall be apportioned between those two warrants in accordance with the relative values of the shares or other equity interests underlying each, as determined based on the average of the daily volume-weighted average trading prices of those shares or other equity interests during the 10 consecutive trading days commencing on, and including, the trading day next succeeding the Spin-Off date.

Rights Offerings. If the Company issues to all or substantially all holders of the Common Stock any rights, options or warrants (other than in connection with a stockholder rights plan) entitling them, for a period of not more than 60 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of the Common Stock at a price per share that is less than the average of the daily volume-weighted average trading prices of the Common Stock for the 10 consecutive trading day period ending on, and including, the trading day immediately preceding the date of announcement of such issuance, at the sole discretion of the Registered Holder, the Registered Holder may elect (including a partial election whereby the Registered Holder receives the proportionate benefits of subclauses (1) and (2) herein) either (1) to receive a number of rights that reflects the amount of rights the Registered Holders would have received had it exercised its Sponsor Warrants in full prior to the rights offering and received Common Stock, or (2) to have the Warrant Price reduced based on the following formula:

Self-Tender Offers at a Premium. If the Company makes a payment in respect of a tender or exchange offer it launches for the Common Stock, to the extent that the cash and value of any other consideration included in the payment per share of the Common Stock exceeds

TRANSFER AND EXCHANGE OF SPONSOR WARRANTS

Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding whole or partial Sponsor Warrant upon the Warrant Register, upon surrender of such Sponsor Warrant for transfer, in the case of certificated warrants, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon the transfer of a whole Sponsor Warrant (or the entire remaining amount of a Sponsor Warrant) held by a Registered Holder, a new Sponsor Warrant representing the Number of Sponsor Warrant Shares (or number of Remaining Shares) issuable upon the exercise thereof, shall be issued and the old Sponsor Warrant shall be cancelled by the Warrant Agent. Upon the transfer of a portion of a Sponsor Warrant held by a Registered Holder, new Sponsor Warrants representing the corresponding amounts of Sponsor Warrant Shares issuable in respect of such portions shall be issued to the transferor and transferee(s). Upon the transfer of a whole Sponsor Warrant held by a Registered Holder prior to the initial determination of the total Number of Sponsor Warrant Shares issuable, pursuant to Section 3.1, a new whole Sponsor Warrant shall be issued and the old Sponsor Warrant shall be cancelled by the Warrant Agent. Upon the transfer of a portion of a Sponsor Warrant held by a Registered Holder prior to the initial determination of the total Number of Sponsor Warrant Shares issuable, pursuant to Section 3.1, new Sponsor Warrants reflecting the corresponding percentages of a whole Sponsor Warrant in respect of such portions shall be issued to the transferor and transferee(s). In the case of certificated warrants, the Sponsor Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.

Procedure for Surrender of Sponsor Warrants. Sponsor Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Sponsor Warrants as requested by the Registered Holder of the Sponsor Warrant so surrendered, representing an equal aggregate number of Sponsor Warrant Shares (or the applicable percentage of a whole Sponsor Warrant); provided, however, that in the event that a Sponsor Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Sponsor Warrant and issue new Sponsor Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company (who may be in-house counsel) stating that such transfer may be made and indicating whether the new Sponsor Warrants must also bear a restrictive legend.

Service Charges. No service charge shall be made for any exchange or registration of transfer of Sponsor Warrants.

Sponsor Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Sponsor Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Sponsor Warrants duly executed on behalf of the Company for such purpose.

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF SPONSOR WARRANTS

No Rights as Stockholder. A Sponsor Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter.

Lost, Stolen, Mutilated, or Destroyed Warrants. If any Sponsor Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent shall on such terms as to indemnity or otherwise as they may in their reasonable discretion impose (which shall, in the case of a mutilated Sponsor Warrant, include the surrender thereof), issue a new Sponsor Warrant of like denomination, tenor, and date as the Sponsor Warrant so lost, stolen, mutilated, or destroyed. Any such new Sponsor Warrant shall constitute an additional contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Sponsor Warrant shall be at any time enforceable by anyone.

Reservation of Shares of Common Stock. The Company shall at all times (including in connection with the Business Combination) reserve and keep available a number of its authorized but unissued shares of Common Stock that shall be sufficient to permit the exercise in full of the outstanding amount of the Sponsor Warrants issued pursuant to this Agreement.

Registration of Shares of Common Stock.

Registration of the Shares of Common Stock Underlying the Sponsor Warrants. The Sponsor, and its Permitted Transferees, shall have such registration rights as shall be provided under that certain Registration Rights Agreement among the Company, Sponsor and the other parties thereto, that shall be entered into on or prior to the Distribution.

Cashless Exercise. The Registered Holder of a Sponsor Warrant shall have the right to exercise a Sponsor Warrant in whole or in part on a “cashless” basis as provided in subsection 3.3(a). In connection with the “cashless exercise” of a Sponsor Warrant at a time when there is not an effective registration statement with respect to the Sponsor Warrant Shares, the Company shall, upon request, provide the Warrant Agent with an instruction stating that (i) such exercise of such Sponsor Warrant on a “cashless basis” is not required to be registered under the Securities Act of 1933, as amended (the “Securities Act”) and (ii) as applicable, (A) the shares of Common Stock issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act) of the Company and, accordingly, shall not be required to bear a restrictive legend or (B) such shares of Common Stock shall bear a restrictive legend and the terms of that restrictive legend.

CONCERNING THE WARRANT AGENT AND OTHER MATTERS

Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon any exercise of the Sponsor Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Sponsor Warrants or such shares of Common Stock.

Resignation, Consolidation, or Merger of Warrant Agent.

Resignation of Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company and upon the appointment of a successor Warrant Agent. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Sponsor Warrant (who shall, with such notice, submit his, her, their or its Sponsor Warrant for inspection by the Company), then the holder of any Sponsor Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent, the Transfer Agent for the Common Stock and the Registered Holders of the Sponsor Warrants not later than the effective date of any such appointment.

Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated or any

Fees and Expenses of Warrant Agent.

Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder, all in accordance with a services agreement that may be entered into separately.

Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement.

Liability of Warrant Agent.

Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, Corporate Secretary or other principal officer of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement. Additionally, the Warrant Agent shall not be required to make or verify any calculations required by this Agreement and shall rely solely on the calculations supplied by the Company hereunder.

Indemnity. The Warrant Agent shall be liable hereunder only for its own, or its representatives’, gross negligence, willful misconduct, fraud, bad faith or material breach of this Agreement. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable outside counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s, or its representatives’, gross negligence, willful misconduct, fraud, bad faith or material breach of this Agreement.

Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Sponsor Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition

Acceptance of Agency. The Warrant Agent ▇▇▇▇▇▇ accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account as promptly as practicable to the Company with respect to any Sponsor Warrant exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Common Stock through the exercise of a Sponsor Warrant.

Waiver. The Warrant Agent hereby acknowledges that it is aware that the Company will establish a custodial account for the benefit of the holders of the SPARs that elect to have their SPARs exercised upon the closing of the Business Combination (the “Custodial Account”). The Warrant Agent will have no right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Custodial Account or in the Sponsor Warrants, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Custodial Account or the Sponsor Warrants for any reason whatsoever. The Warrant Agent hereby waives any and all Claims against the Custodial Account and Sponsor Warrants and any and all rights to seek access to the Custodial Account and the Sponsor Warrants.

MISCELLANEOUS PROVISIONS

Successors. All the covenants and provisions of this Agreement by or for the benefit of Pershing Square SPARC or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns.

Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Sponsor Warrant to or on the Company shall be sufficiently given (i) if by email, when the email is sent on a business day and receipt is confirmed or (ii) when so delivered if by hand, on the next business day if sent by overnight delivery, or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:

Applicable Law. The validity, interpretation, and performance of this Agreement and of the Sponsor Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company and Warrant Agent hereby agree that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the City of New York, County of New York, State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company and Warrant Agent hereby waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

Compliance and Confidentiality. The Warrant Agent shall perform its duties under this Agreement in compliance with all applicable laws and keep confidential all information relating to this Agreement and, except as required by applicable law, shall not use such information for any purpose other than the performance of the Warrant Agent’s obligations under this Agreement.

Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto and the Registered Holders of the Sponsor Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Sponsor Warrants.

Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Sponsor Warrant. The Warrant Agent may require any such holder to submit such holder’s Sponsor Warrant for inspection by the Warrant Agent.

Counterparts. This Agreement may be executed in any number of original, electronic or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. All signatures required or contemplated by this Agreement may be electronic.

Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable, but only if the amendment shall not adversely affect the interest of the Registered Holders. All other modifications or amendments shall require the vote or written consent of the Registered Holder(s) representing 50% of the shares issuable pursuant to the then-outstanding amount of Sponsor Warrants.

Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

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